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The Coalition’s bill to shift ASIC funding to a ‘fees-for-service’ model has successfully passed, with the related charges set to commence on 1 July 2018.
The new legislation was designed to better reflect the regulator's "actual costs", according to Minister for Revenue and Financial Services Kelly O'Dwyer.
The so-called 'fees-for-service' bill accompanies the industry funding legislation, which was passed on 15 June 2017 and requires regulated entities to pay an annual levy.
"Industry funding for ASIC ensures that costs of regulation are borne by those that have created the need for it. It incentivises greater regulatory compliance, and enhances ASIC's transparency and accountability," said Ms O'Dwyer.
According to ASIC's industry funding timetable, annual review fees will increase by approximately $4 for all proprietary companies from 1 July 2018.
Regulated entities will have until September 2018 to submit a return about their 2017-18 operations, and in October, ASIC will publish its Cost Recovery Implementation Statement for 2018-19.
In January 2019, ASIC will issue its first levy notices to industry for 2017-18, with entities given until February to pay or "face interest penalties". From March 2019, the regulator will begin pursuing late payments.
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Comments (2)
"...Industry funding for ASIC ensures that costs of regulation are borne by those that have created the need for it.
What? Who created "...the need for it..." if not the entire Australian economy, and the investing, insuring, and business public? What idiotic garbage
This is [as usual] a money grab and offloading of public funding onto private shoulders - along with the TPB and God knows how many other hypocritical revenue grabbing schemes.
"...It incentivises greater regulatory compliance, and enhances ASIC's transparency and accountability," said Ms O'Dwyer. How exactly? It gives ASIC licence [sic] to further featherbed, misuse, and waste money, while imposing its sanctimony on its "subjects".
How exactly will people and businesses subject to its edicts and investigations be willing to demand transparency and accountability?
More political verbal diarrhea as we slide toward bureaucratic totalitarianism and economic collapse.
Just fine the Banks. In the same manner CBA has been fined recently for AML/ suspicious reporting breaches so should CBA/AMP/NAB be fined by ASIC.
I have a clean compliance history a huge customer satisfaction rating yet PI cover is up and ASIC costs are up all because of the behaviour of these firms.